Balochistan High Court approves restructuring of Gatron, Nova Frontiers and Ghani & Tayub

The Balochistan High Court has sanctioned a restructuring involving Gatron Industries, Nova Frontiers and Ghani & Tayub, with share cancellations and new allotments forming part of the arrangement. Gatron told the Pakistan Stock Exchange on Thursday that the court’s October 28 order reached the company on November 11.

Under the scheme, 31.90 million Gatron shares held by Nova Frontiers will be cancelled, with an equal number issued to Nova Frontiers’ outgoing shareholders at a ratio of 8.13 Gatron shares per Nova Frontiers share. A further 3.24 million Gatron shares held by Ghani & Tayub will be cancelled and reissued to its shareholders, while Nova Frontiers’ paid-up capital will fall from Rs96.65 million to Rs9.66 million after about 3.92 million shares are cancelled. Remaining business undertakings will continue to be owned and operated by Nova Frontiers and Ghani & Tayub, and the required share movements will pass through the Central Depository System.

The court said the SECP had raised no objection and that the companies had completed the necessary corporate formalities. This court-approved arrangement changes Gatron’s shareholding structure, making it relevant to investors tracking the company’s corporate actions.